SMM Data: Battery-Grade Nickel Sulphate Price Drops 15 Yuan/mt on June 4

The World Stainless Association announced that, global stainless steel production rose 2.5% YoY to 15.8 million tons in Q1 2026. Asia produced 13.4 million tons from January to April, up 3.3% YoY, with China contributing 9.84 million tons (+4.3% YoY). The EU saw output decline 4.6% YoY to 1.5 million tons, while the US produced 600,000 tons (+2.3% YoY).

LME nickel futures rebounded above US$19,200/ton on une 1, closing at US$19,251/to, a one-month high, on the back of consecutive weekly gains. The rally was driven by declining pure nickel inventories and fresh mining disruptions, including Zimbabwe's restriction on nickel exports, offsetting a stronger US dollar amid rising Middle East tensions. Spot prices rose US$172 to US$19,039/ton, Nickel increase US$2,605 or 15.6% year-to-date.

At the 2026 SMM Indonesia Critical Minerals Conference & Expo, SMM Vice President Shirley Wang outlined the structural shift in global nickel production costs: prior to 2015, high-grade primary nickel ore dominated as the lowest-cost feedstock; from 2016 to 2026, low-grade ore and laterite mining steadily gained share; today, laterite nickel ore has become the most cost-competitive feedstock. Looking ahead, Shirley Wang cautioned that as laterite ore grades continue to decline, nickel production from sulphide ore — historically more expensive but grade-stable — may see a structural revival.